31 Jan From the Summit Week of 1/27
Summit Expedited’s newsletter featuring current market trends and other exciting news at Summit.
The holiday rush has officially passed, and we are seeing both spot rates and load-to-truck ratios steadily decline. Currently dry van spot rates have dropped four cents per mile since last month and reefers have come down three. Both equipment types have dropped 22% when looking at the equipment to load ratios, which has been a driving force behind the decline.
Outbound tender rejects are showing correlating data. If we look back over the past few months, we can see the surge in rejected freight mid-November, causing loads to flood the spot market and raise rates. We are currently seeing tender rejects for both van and reefer loads level back out to “pre-spike” conditions.
Rates should continue to slowly decline as the market keeps stabilizing. This trend should continue into February and possibly some of March but be prepared for produce season to kick in toward the end of March or beginning of April.
Three Day Driver Blitz Announced
Keep a look out in May to see a sudden loss of capacity and a potential spike in rates during the already challenging produce season. It has been announced by the CVSA that their annual road check will occur between May 5-7th. The inspections will focus on driver regulations which includes age, CDLs, medical cards, and ELDs.
These road checks are implemented to make sure drivers are adhering to their regulations and maintain safe equipment which impact every single driver on the road. Here are the stats from last year’s inspections:
67,072 commercial vehicles inspected
12,019 vehicles removed from roadways due to critical vehicle violations
2,784 drivers were placed out of service for driver-related violations
New Arrivals at Summit
Summit is happy to announce our 2 new additions to our sales team! Both new Account Executives will be working from our Chicago office as we expand our service and continue to grow this new year.
Adam Fischer Joe Faleni
We are growing and we want you to be a part of it!
Here at Summit we aim to make an impact with everything we do; whether that includes creating innovative strategies to improve our service or by providing creative solutions to foster teamwork both inside and outside of the office.
Summit Expedited Logistics is looking for ambitious and driven team members to help cultivate a movement within the logistics industry. If you or someone you know is looking for a new career opportunity, take a look at our open roles at the link below to join our exceptional team in the new decade!